Indexable Inserts Market is expected to reach US$ 14,567.92 Million by 2031

Increasing Use in Metalworking and Machining Applications Contributes to Growing Indexable Inserts Market Size

According to our latest study on "Indexable Inserts Market Analysis and Forecast to 2031 – by Insert Type, Application, Size, Insert Material, and Industry," the market is expected to grow from US$ 9,016.44 million in 2023 to US$ 14,567.92 million by 2031; it is anticipated to record a CAGR of 6.2% from 2023 to 2031. The report includes growth prospects owing to the current indexable inserts market trends and their foreseeable impact during the forecast period.

Indexable inserts are an important component in modern machining and manufacturing and are revolutionizing the way tools are used in cutting, shaping, and finishing materials. These indexable inserts, also called replaceable cutting edges, are designed to be physically attached to a tool holder and allow for quick replacement without having to replace the entire tool. A typical insert has multiple edges, often three to eight, depending on the shape and design. If an edge is worn or damaged, the indexable insert can be rotated to a new edge, maximizing material utilization and reducing downtime. The indexable tool holder and insert are designed to provide a secure fit, with the insert sitting in the pocket of the holder and clamped tightly. This design ensures that the insert remains stable during machining and prevents movement that could affect precision and surface quality.

Indexable Inserts Market — by Geography, 2023

Source: The Insight Partners Analysis

Advantages provided by the indexable inserts include cost-effectiveness, improved efficiency, consistency and precision, versatility, and reduced downtime for the manufacturers. Indexable inserts are widely used in various industries, including automotive, aerospace, medical, general manufacturing, and energy and power, in manufacturing or machining processes such as milling, cutting, drilling, threading, turning, and grooving. Indexable inserts represent significant advancements in cutting tool technology and offer numerous advantages over traditional tooling methods. Easy interchangeability, high performance, and versatility of their cutting edges make indexable inserts indispensable in modern machining.

The key factors fueling the growth of the indexable inserts market include rising use in metalworking and machining applications, increasing demand for indexable tools in industrial applications, and growing government spending on military infrastructure development and reinforcement. However, raw material price variations are hindering the growth of the indexable inserts market. Moreover, technological advancements in manufacturing operations are projected to create opportunities for the key companies operating in the indexable inserts market during the forecast period. Further, the increase in efforts to improve the performance of indexable inserts with the utilization of advanced coatings and materials is expected to be the key trend in the indexable inserts market from 2023 to 2031.

Based on insert type, the indexable inserts market is segmented into round, square, triangle, rhombic, and others. The rhombic segment held the largest indexable inserts market share in 2023. Rhombic indexable inserts are mainly used to fabricate or cut for roughing and finishing aluminum alloy-based products. Aluminum parts are used across a variety of industries, including aerospace, automotive, heavy industries, and electronics and semiconductors, which use aluminum alloys for their respective applications. Moreover, the increasing adoption of aluminum/aluminum alloy-based products across different industries is one of the major factors driving the growth of the indexable inserts market for the rhombic segment.

The triangle segment held the second-largest market share in the global indexable inserts market. Triangle indexable inserts are used for operations such as turning, facing, boring, copy turning, and simple shaping. There exists a wide variety of tool holders with various lead angles. Triangles are cost-effective because they have six cutting edges. T-style inserts are also the best choice for general boring since they insert firmly into the pocket of the boring bar, and there is more side clearance between the insert and workpiece bore, which minimizes the chances of a chip jam. However, the work done using a 60° edge will not be as strong as work done using 80° diamond inserts.

Based on application, the indexable inserts market has been segmented into milling, drilling, turning, threading, and others. The milling segment held the largest share accounting for largest market size of the indexable inserts market in 2023.

The geographic scope of the indexable inserts market report entails North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America consists of the US, Canada, and Mexico. The well-established infrastructure in developed countries, including the US and Canada, helps manufacturing firms explore the limits of science, technology, and commerce. Across North America, technological advancements have led to high competition in the manufacturing industry. As per the National Institute of Standards and Technology (NIST), the manufacturing sector in the US was valued at US$ 2.3 trillion and registered an 11.4% share of the total GDP in 2022. In manufacturing machinery and equipment, the US is the second largest country in the world. Also, the country is a leading fabricated metal product manufacturer across the world. All these factors drive the demand for cutting tools in North America, thereby propelling the indexable inserts market growth in the coming years.

The aerospace and defense industry in North America is reporting tremendous growth owing to the stable economy, developed infrastructure, high technology adoption rate, and increasing investments by governments. According to data released by Airlines for America in 2023, commercial aviation accounted for US$ 1.37 trillion (~5% of US GDP) in 2023. More than 26,000 flights from the US to nearly 80 countries carry 2.6 million passengers every day. In addition, the country handles more than 61,000 tons of cargo sent to and received from nearly 220 countries. Moreover, the increasing number of aircraft in the US military and commercial sectors is anticipated to fuel the demand for metalworking machinery and cutting tools such as indexable inserts in various operations such as milling, drilling, and grooving in the coming years. Further, the rising trend of prototyping with on-demand metal cutting machines in the aerospace industry offers effective ways to rapidly manufacture aerospace sheet metal parts without complicated manufacturing setups. Thus, the growing trend of rapid prototyping may generate a huge demand for metal-cutting machines, which is expected to bolster the indexable inserts market growth in North America in the near future.

Sandvik AB; Kennametal Inc.; Iscar Ltd.; Paul Horn GmBH; Kyocera Corporation; Ingersoll; Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.; MITSUBISHI MATERIALS Corporation; Guhring, Inc.; YG-1 Co., Ltd.; Ceratizit Group; and Boehlerit GmbH & Co.KG. are among the key players profiled in the indexable inserts market report. Companies in the market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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